XRP Lawsuit: In a major development in the tussle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), both parties have proposed to keep key details in remedies-related briefing sealed from public access.

Ripple and US SEC Move to File Documents Under Seal

Ripple Labs and US SEC filed a joint motion to seal key information in the remedies-related briefing, as per latest court filing. Defendants and plaintiff’s attorneys request Judge Torres to approve the proposal as it will ensure prompt, public access to the parties’ briefs, with some redactions.

If granted, some details regarding Ripple’s financial statements and post-complaint XRP institutional sales will remain hidden from XRP army and crypto community. This will impact market sentiment as the potential outcome and end date of the long-running SEC v. Ripple Labs lawsuit to remain uncertain.

Furthermore, the parties have proposed a schedule for redactions after reply briefs to the SEC’s remedies-related opening brief on May 6.

March 22: The SEC files its opening remedies-related brief and supporting declarations and exhibits under seal.
March 25: Parties meet and confer to identify redactions
March 26: The SEC files a public, redacted version of the brief as per redactions requested by parties and third parties

On April 22, which is the deadline for Ripple to file its opposition to the brief, a redacted version of its opposition brief and documents will be filed by Ripple.

On May 6, the SEC to file its reply brief under seal. The parties will meet and confer on further redactions and file a redacted version of the reply brief within the next few days.

The parties and third parties are to file letter motions and opposition related to sealing details in the filings until May 20. Thus, the lawsuit will continue to run more months ahead with final judgement by Judge Torres likely coming next year.

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XRP Price to Fall Under $0.53 Support?

Pro-XRP lawyer Bill Morgan reacted to the sealing proposal and said the SEC seeking to disclose Ripple’s post-complaint XRP sales contracts with institutions was never meant for disclosure to the world.

For all those that thought the SEC succeeding earlier this year in its motion ordering disclosure of Ripple post complaint contracts with institutions meant disclosure to the world it didn’t . It meant disclosure to the SEC subject to a protective order, and there is likely a lot… https://t.co/f49qBhaKGC

— bill morgan (@Belisarius2020) March 19, 2024

The XRP army is disappointed with the continuous delay in the lawsuit and wants the lawsuit to conclude this year. It will be of great significance to see if Judge Torres agrees to extend the lawsuit amid Empower Oversight new lawsuit against the SEC and sanctions on the SEC after the “gross abuse of power” entrusted by the Congress in Debt Box case.

XRP price dropped over 3% in the past 24 hours, with price currently trading at $0.58. The 24-hour low and high are $0.57 and $0.61, respectively. The trading volume has also dropped by 10%.

Also Read: US Crypto Firms Outcompete Global Peers with $300K Wage Pay

The post XRP Lawsuit: Ripple and SEC Agree to Seal Details in Remedies-Related Briefing appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am